Bitcoin, Ethereum, XRP, Dogecoin prices drop as Oil rises due to Middle East conflict
March 6, 2026
Leading cryptocurrencies experienced a significant decline on Thursday, coinciding with escalating tensions in the Middle East that disrupted oil supplies, causing uneasiness among investors.
In terms of cryptocurrency performance within a 24-hour timeframe, Bitcoin decreased by 3.51% to $70,440.60, Ethereum experienced a 3.02% drop to $2,064.95, XRP decreased by 1.89% to $1.40, Solana fell by 2.31% to $88.38, and Dogecoin dropped by 4.58% to $0.09336.
Market dynamics shifted on Thursday, undermining cryptocurrency gains from the previous day. Bitcoin retreated after peaking at $74,000 on Wednesday, leading to corrections in other large-cap cryptocurrencies like Ethereum. Correspondingly, shares of cryptocurrency-associated companies such as Strategy Inc. (MSTR) and Coinbase Global Inc. (COIN) ended the day down by 4.53% and 1.54%, respectively. Coinglass reported liquidations exceeding $250 million in the past 24 hours, predominantly from long positions.
During that time, open interest in Bitcoin futures decreased by 5.78%. Retail derivative sentiment on Binance displayed a “Neutral” outlook, with whale traders capitalizing on the dip, as indicated by the Long/Short ratio. The Crypto Fear & Greed Index signaled pervasive “Extreme Fear” sentiment across the market.
Several cryptocurrencies with a market capitalization surpassing $100 million experienced notable gains in the past 24 hours. Lombard (BARD) displayed a 54.19% increase to reach $1.65, Humanity Protocol (H) surged by 42.15% to $0.1780, and OKB (OKB) climbed by 27.88% to $99.57. Despite these individual gains, the global cryptocurrency market capitalization contracted by 2.19% to stand at $2.41 trillion over the last day.
Simultaneously, the stock market faced a downturn on Thursday, with the Dow Jones Industrial Average dropping 784.67 points to 47,954.74, the S&P 500 pulling back by 0.56% to 6,830.71, and the Nasdaq Composite declining 0.26% to 22,748.99. Oil prices surged to multi-month highs as West Texas Intermediate crude futures surpassed $80 per barrel for the first time since July 2024. However, the situation later stabilized following Iran’s dismissal of claims regarding the closure of the vital oil shipping route through the Strait of Hormuz.
In response to the market developments, notable cryptocurrency analyst Ali Martinez highlighted a resistance threshold of $2,147 for Ethereum, with potential price targets of $2,335 and $2,542 if this level remains unbroken. Conversely, blockchain analytics firm CryptoQuant characterized Bitcoin’s recent upsurge as merely a “relief rally” rather than the inception of a new bullish trend. CryptoQuant identified $79,000 and $90,000 as critical resistance levels if Bitcoin’s upward trajectory persists. This analysis underscores the prevailing sentiment that Bitcoin remains entrenched in a bear market, despite recent positive movements.
